AUR

1. Key Historical Highlights

• February 14, 2025: Aurora Innovation is developing the Aurora Driver, focusing on a Driver as a Service model with strategic partnerships.
• February 13, 2025: Announced a commercial launch in April 2025, with partnerships with NVIDIA and Continental to enhance autonomous trucking capabilities.
• January 6, 2025: Formed a strategic partnership with Continental and NVIDIA to deploy driverless trucks, with a focus on mass production by 2027.
• December 12, 2024: Opened a new research facility in Bozeman, Montana, to develop advanced lidar technology.
• October 30, 2024: Completed a capital raise of $483 million, extending financial runway into 2026.
• September 5, 2024: Launched a Partner Success Program and announced route expansion plans.
• August 2, 2024: Closed an upsized public offering, raising $483 million for future growth.
• July 31, 2024: Partnered with Uber Freight to launch a Premier Autonomy program, securing demand for 2025 capacity.
• July 30, 2024: Completed an independent audit by TÜV SÜD, recognizing high safety commitment in self-driving technology.
• June 25, 2024: Launched the Premier Autonomy program with Uber Freight, providing access to driverless miles.
• May 20, 2024: Unveiled the Volvo VNL Autonomous, integrating Volvo's expertise with Aurora's technology.
• May 8, 2024: Reported strong fiscal discipline and progress towards a commercial launch by the end of 2024.
• April 30, 2024: Released a white paper on the environmental benefits of autonomous trucking.
• March 14, 2024: Showcased its autonomous driving system at an Analyst and Investor Day, nearing a commercial launch.
• January 5, 2024: Finalized the design of the Aurora Driver hardware with Continental, targeting production by 2027.

2. Financial Performance Overview

Revenue Growth

Aurora is in the pre-revenue stage for its autonomous trucking services, with expected modest revenue in 2025 as it begins driverless operations. The company has secured significant capital through public offerings to support its growth.

Expense Management

• 2024 Operating Expenses: Decreased by 6% to $786 million, reflecting strong fiscal discipline.
• Cash Position: Ended 2024 with over $1.2 billion in cash and short-term investments, providing a solid financial foundation for upcoming commercial launches.

Significant Financial Events

• Public Offerings: Raised approximately $483 million through an upsized public offering in August 2024 to fund future growth and operations.
• Capital Allocation: Focused on strategic partnerships and technological advancements to support long-term growth.

3. Management Effectiveness

Strategic Decision-Making

• Partnerships: Formed key alliances with NVIDIA, Continental, and Uber Freight, demonstrating strategic foresight in capturing market opportunities.
• Safety and Innovation: Emphasized safety as a core value, achieving high standards through independent audits and technological advancements.

Capital Allocation

• Investments in Technology: Allocated resources to develop the Aurora Driver and expand research facilities, ensuring technological leadership.
• Financial Discipline: Managed expenses effectively while securing capital to extend financial runway and support commercialization efforts.

4. Key Quotes from Management

• "Our focused strategy, grounded in safety, positioned for scale and enabled by financial discipline, continues to differentiate Aurora as the leader in autonomous trucking." - Chris Urmson, Co-Founder and CEO, Aurora Innovation, Inc.
• "With nearly all the pieces in place, Aurora is poised for an extraordinary year ahead." - Chris Urmson, Co-Founder and CEO, Aurora Innovation, Inc.
• "Delivering one driverless truck will be monumental. Deploying thousands will change the way we live." - Chris Urmson, CEO and co-founder, Aurora
• "Since Aurora’s founding, we’ve put safety policies and programs at the center of how we develop our self-driving product." - Nat Beuse, Chief Safety Officer, Aurora
• "Fueled by customer excitement for the Aurora Driver, we achieved great commercial progress in the second quarter." - Chris Urmson, Co-founder and CEO, Aurora Innovation, Inc.
• "Building on years of development and testing, our work toward the safe and scalable deployment of driverless trucks is nearing a historic milestone." - Chris Urmson, CEO and co-founder, Aurora
• "From day one, we knew we’d need to build a strong ecosystem of partners to bring this technology to market safely and at a commercial scale." - Chris Urmson, Co-Founder and CEO, Aurora